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USDJPY Elliot Waves Analysis For 24 August 2016

24 August 2016, USD/JPY

USDJPY Elliot Waves Analysis For 24 August 2016

Wave Analysis

USD/JPY is currently trading with a slight bearish bias. Yesterday, the pair traded short as previously forecasted but could not close below 100.19. Unless there is a clear close below this level, we expect a possible rebound from this level to go long with an ideal target at 100.91. A clear breakout below 100.19 will lead to a possible bearish price rally towards 99.03 or even lower. This pair should be traded alongside CAD/JPY, NZD/JPY, AUD/JPY and HKD/JPY. These pairs have a strong positive correlation of up to +0.83 and will have a similar price action during this intraday.

Trade Recommendations:

Unless there is a clear breakout below 100.19, expect a rebound from this level to go long with an ideal target at 100.91. A breakout below 100.19 will call for short positions with an ultimate target at 99.03.

Graham Osano
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